Oil and gas leases between mineral owners and extraction firms ubiquitously include royalty and primary term clauses. The royalty denotes the share of revenue that is paid to the mineral owner, and the primary term specifies the date by which the firm must complete a well, lest it lose the...

"The nineteenth century was an exciting and dynamic era of rapid progress in industry and technology. One of the most vigorous of the new industries was petroleum. It first transformed the way people lit their houses, displacing whale oil and other substitutes, and then revolutionized the entire...